According to TMZ, 50 Cent’s boxing company, SMS Promotions, filed for bankruptcy on Monday.
And while it’s believed the company’s debt may be as high as $500,000, Fiddy is seemingly not deterred and vows to keep plugging away.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing,” the company’s attorney declared.
50 Cent made his promotional debut in December 2012 when one of his most prized pugilists, Yuriorkis Gamboa, squared off against Michael Farenas on the undercard of Manny Pacquiao vs Juan Manuel Marquez, one of boxing’s biggest fights of the year.
Is SMS Promotions’ recent announcement some two and a half years later a bad sign for boxing? After all, Fiddy has a big name, deep pockets and is passionate about the sport. Moreover, he has new ideas and certainly adds a unique element to the boxing business.
If a celebrity like Fiddy is experiencing hurdles what does that say about the health of the sport, right?
Answer: Nothing For starters, his proverbial ‘juice’ in the music industry doesn’t carry over into boxing promotion and isn’t important to the major networks (as it relates to negotiating air time for big fights).
Even for a new promoter with 50 Cent’s credentials and success as a music star and entrepreneur, fight promotion is very difficult and setbacks will almost always far exceed accomplishments early on, regardless of the sport’s health.
Cultivating relationships in the business takes years.
Fiddy’s stubborn persistence is what fans should focus on. He’s not quitting.
A look back into 50 Cent’s troubled past reveals the rap star is no quitter. In the spring of 2000, he was shot in the face, hand and legs by a man with a nine millimeter at close range. In sum, he survived a total of nine bullets and went on to become a top rapper as well as an entrepreneur, record producer and actor.
If he’s savvy, innovative and exercises patience, the legendary rap mogul might have a tremendous positive impact on the sport and become immensely successful.
Persistence is key.
According to CelebrityNet Worth, 50 Cent has a net worth of $270 million.
